Almirall (ALM) Q2 2026 earnings summary

Executive summary

• Net sales for H1 2026 reached EUR 603 million (or €602.75 million), up 7.5% year-on-year, driven by strong European dermatology growth and robust performance from Ilumetri and Ebglyss, with Ebglyss nearly doubling year-over-year.

• EBITDA margin improved to 25%, achieving the 2028 target early, with EBITDA at EUR 151 million (€150.7 million), reflecting operational leverage and cost discipline.

• The company reiterates its full-year 2026 guidance, expecting growth to accelerate in H2, supported by biologics uptake and pipeline progress.

• Pipeline advances include six proof-of-concept or phase II studies, with data readouts expected from late 2026, and positive Phase 3 results for lebrikizumab (Ebglyss) in pediatric atopic dermatitis.

• Strategic collaborations and portfolio optimization continue, including agreements with Certest Biotec and Huaota Biopharmaceutical.

Financial highlights

• Net sales grew 7.5% year-on-year to EUR 603 million (€602.7 million); European dermatology sales reached €341.9 million (+18.1% YoY).

• EBITDA reached EUR 151 million (€150.7 million), with a margin of 25% over net sales, up 330 basis points from prior year.

• Gross margin was 64.6%, benefiting from the Actithiol divestment.

• Free cash flow improved to EUR 33 million, and cash and cash equivalents rose to €354.6 million at 30 June 2026.

• Net income was €39.6 million (+49.4% YoY); normalized net income €42.4 million.

Outlook and guidance

• Full-year 2026 guidance reiterated, with expected acceleration in H2 and continued growth in the biological dermatology portfolio.

• EBITDA guidance for 2026 remains EUR 270 million–EUR 290 million.

• Peak sales guidance for Ebglyss reaffirmed above EUR 450 million; Ilumetri peak sales expected to exceed EUR 300 million.

• SG&A and R&D investments expected to pick up in H2 as trials progress and promotional activities increase.

• Management maintains a prudent financial approach and seeks opportunistic acquisitions aligned with strategy.